The　distribution　network＇s　topology　is　generally　complex;　it　is　liable　to　the　power　supply　failures　caused　by　various　factors.　This　paper　aims　to　evaluate　the　distribution　equipments＇　risk　based　on　the　risk　theory,　a　probabilistic　weighted　calculation　method　is　presented　to　find　out　the　risk　probabilities　of　equipment　failures.　The　analytic　hierarchy　process　(AHP)　and　technique　for　order　preference　by　similarity　to　ideal　solution　(TOPSIS)　are　used　to　sequence　the　importance　of　the　equipments　to　the　distribution　network＇s　running　risk.　The　risk　values　of　equipments　are　worked　out　with　the　historical　statistical　data　and　real-time　running　statuses.　An　example　indicates　that　the　proposed　method　can　online　assess　the　overall　risk　of　the　distribution　system　and　find　out　the　weak　links.　©　2014　IEEE.